Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Great Portland Estates cheers strong market demand, improving macro environment
There’s a quarterly trading update out from Great Portland Estates LON:GPE this morning noting that strong leasing demand continues to be seen. Management note that the business is taking advantage of the strength of occupational markets and current disruption in London’s investment market, delivering high quality office space whilst a recent capital raise has provided the financial fire-power to fuel further acquisitions.
The note adds that the macroeconomic environment continues to improve, too, opening the way for further yield improvement.
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#2. Victrex momentum building but revenues sluggish
Polymer solutions provider Victrex LON:VCT has this morning published its Q3 interim management statement, reiterating comments form May that end-markets are now showing some signs of improvement with Q3 group volumes being 20% higher year on year. That wasn’t matched in revenue growth with high inventory levels and customer destocking also proving challenging. Management note that this will make realising improvements in PBT for the second half somewhat challenging.
#3. 3i on track performance set for FY25
Investment company 3i LON:III has this morning published a performance update for Q1 ’25, flagging a series of outperforming items across portfolio companies and noting that income for the period remains in line with expectations. Management add that they are on track to deliver against the FY25 dividend target, up 6.3% from FY24.
